Navios to Expand Fleet with Methanol-Ready Boxships

Navios Maritime Partners, a Greek dry cargo vessel owner and operator listed in the U.S., has made a significant move by placing an order for two methanol-ready 7,900 TEU containerships at HJ Shipbuilding & Construction (HJSC) in South Korea, according to the several media reports. This investment will cost Navios approximately $106 million for each vessel, according to data from Intermodal. The new boxships are anticipated to be chartered by Singapore-based Ocean Network Express (ONE) and are set to commence operations upon delivery in 2027, with contracts running through 2030.

Designed with environmental sustainability in mind, these vessels will feature an exhaust gas cleaning system (EGCS), commonly known as ‘scrubbers.’ This technology helps reduce the emission of harmful substances, such as sulfur oxides (SOx) and nitrogen oxides (NOx), as well as particulate matter from the exhaust gases of the ships. As a result, these methanol-ready boxships are projected to have a minimal environmental impact, aligning with global efforts to promote cleaner shipping practices.

With this latest order, Navios’ total contract value at HJ Shipbuilding & Construction is reported to be around $424 million, reinforcing the company’s robust orderbook, which now comprises approximately 32 vessels. This orderbook is part of a larger, multi-billion dollar investment strategy that includes various types of ships, such as bulk carriers, containerships, and crude oil tankers. The company plans to bring all these vessels into service within the next three years.

Navios is among several Greek shipowners making substantial investments in new container vessels. In a recent development, data from Vessels Value revealed that in June, South Korean shipbuilder Hanjin Heavy Industries & Construction placed an order for four 7,900 TEU liquefied natural gas (LNG) dual-fuel Post-Panamax vessels on behalf of Navios Maritime Partners. These vessels are expected to be completed and delivered by 2027.

The expansion of Navios Maritime Partners' fleet is part of a broader trend observed in the shipping industry, particularly among Greek operators. In 2021, shortly after the announcement of the merger between Navios Maritime Partners and tanker owner Navios Maritime Acquisition into a standalone entity, the company significantly enhanced its fleet by acquiring six 5,300 TEU newbuilding boxships, each costing $61.6 million.

Currently, Navios Maritime Partners operates a fleet of 178 vessels, which includes 41 boxships. The fleet boasts a total carrying capacity of 15.9 million deadweight tons (dwt) and 247,764 TEU, showcasing the company’s commitment to maintaining a competitive presence in the shipping industry. As the company continues to modernize its fleet, it positions itself to meet evolving environmental regulations while addressing the growing demand for efficient cargo transport solutions.